As for the other big driver of deficits and debt, taxes, President Joe Biden would have liked to boost them on corporations and high earners. Washington, he wrote, "is back to pretending to care about debt." What Washington cares about is not deficits and debt but spending and taxes. (The Republicans say tax cuts pay for themselves in faster economic growth but the recent ones haven't.) Recently some economists have been arguing the federal debt isn't a problem.

Source: New York Times June 12, 2023 14:46 UTC